Bitcoin passes $7,000 level as winning streak continues

Bitcoin surged to more than $8,000 late on Monday, its highest level since July previous year, as the cryptocurrency's rally gained further momentum.

The advance comes only a few days after the digital asset broke through $6,000, and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset taking place in NY this week.

"There are literally dozens of reasons for Bitcoin to be surging right now but the important thing to remember is the main driver of this rally is increased adoption", Mati Greenspan, a senior market analyst at eToro, told Business Insider.

Bitcoin climbed as high as $7,963, the most since July 2018. But it is too soon to declare bitcoin as a safe-haven asset, they said. This occurs when the 50-day simple moving average has crossed above the 200-day moving average.

The Bloomberg Galaxy Crypto Index, which tracks a basket of the largest digital assets, added as much as 9.3% before paring the gain to 6.8%. Cryptocurrency markets have previously fallen after high-profile security breaches.

Bitcoin strengthened past $8 000 for the first time in about 10 months on Tuesday, crossing another milestone as cryptocurrencies continued their scorching rally. A year ago it lost some three-quarters of its value amid tighter regulation across the world.

Bitcoin remains far from its 2017 high of $20,000.

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